In the past five days, the petrol prices were cut cumulatively by Rs 1.38 per litre and diesel by 81 paise per litre in Mumbai.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a strengthened rupee against the US dollar.

Accordingly, UK Brent crude was priced below $80 per barrel, which in the recent past traded around $85 a barrel, while the rupee closed on Friday at 73.50 to the greenback from its previous close of 73.61 to a US dollar.

On a daily basis, the decline in petrol and diesel prices commenced on Thursday nearly a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies (OMCs) had been mandated to reduce prices of petrol and diesel by Re 1 a litre. This is the first time after the announcement that the prices have come down.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost. On Friday, Brent crude was priced at $79.78 per barrel, which in the recent past had traded at over $86.